Released on April 23, 2009
The Financial Institutions Division of the Saskatchewan Financial Services Commission (SFSC) has been made aware of an Internet based advance fee loan brokering scheme that is alleged to be operating out of Regina, Saskatchewan.
Kenworth Solutions is purporting to offer online credit application with the promise of providing loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion of an insurance policy premium to secure the loan amount.
When consumers have inquired with Kenworth Solutions, they have been provided with various application forms along with a false licence issued by the "State of Saskatchewan" authorizing Kenworth Solutions to carry on business in North America, Europe, Asia and South Africa. This is not a legitimate licence issued by the SFSC, and appears to have been developed to convince consumers of the company's legitimacy.
Consumers should be aware that Kenworth Solutions is not licensed by SFSC and The Trust and Loan Corporations Act, 1997 does not allow for loan brokers to charge any kind of an advance fee.
Any consumer who has paid an advance fee to an unlicensed loan broker may wish to contact SFSC at 306-787-6700.
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For more information, contact:
Jim Hall
Saskatchewan Financial Services Commission
Regina
Phone: 306-787-7881